ClearOne Communications Inc. (NasdaqCM:CLRO) entered into a definitive agreement to acquire substantially all the assets of VCON Video Conferencing Ltd. for $4.5 million in cash on January 27, 2012. Under the terms of the asset purchase agreement, ClearOne will pay $2.7 million cash on closing and $2.2 million in escrow account to be paid after closing. The acquisition is expected to close by the end of the first quarter of 2012, subject to customary closing conditions, approval by the Board of both ClearOne Communications and VCON Video Conferencing, execution of escrow agreement, regulatory and court approvals. Yaacov Yisraeli of Shiboleth, Yisraeli, Roberts, Zisman & Co. and Geoff Mangum of Parsons Behle & Latimer acted as legal advisor for ClearOne Communications. Yoav Dankner of Erdinast, Ben-Nathan & Co. acted as legal advisor for VCON Video Conferencing Ltd.